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PeaceWave

(2,465 posts)
Wed Nov 12, 2025, 12:52 PM 14 hrs ago

US Mint to strike "final circulating penny" on Wednesday, Nov. 12th

It's the end of an era kids...

https://www.yahoo.com/news/articles/us-mint-strike-final-circulating-140151846.html

The United States plans to strike its last penny for circulation, part of an effort to retire the coin that has been used over 200 years and now costs more to produce than it is worth.

At an event on Wednesday, Nov. 12, U.S. Treasury Secretary Scott Bessent and U.S. Treasurer Brandon Beach will mark the striking of the "final circulating penny," the end of production for a coin that's been used since the 1790s. The Treasurer and Secretary are set to formally stamp the last circulating penny on Wednesday afternoon around 2 p.m.

While the penny "remains legal tender and will retain its value indefinitely," according to the Treasury Department, the humble one-cent coin will no longer be minted. There are currently an estimated 300 billion pennies in circulation — "far exceeding the amount needed for commerce," Treasury said in a statement.

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US Mint to strike "final circulating penny" on Wednesday, Nov. 12th (Original Post) PeaceWave 14 hrs ago OP
So the expression "my 2 cents" will be forgotten in a few years. underpants 14 hrs ago #1
It'll become "That's just my two cents, rounded up to a nickel." PeaceWave 14 hrs ago #2
I'm either paying by check or plastic to avoid no_hypocrisy 14 hrs ago #3
My local gas station charges me less if I pay with cash, not the other way around. PeaceWave 14 hrs ago #5
This is going to be very interesting for sales tax Jilly_in_VA 14 hrs ago #4
When I was selling mineral specimens to collectors, MineralMan 12 hrs ago #7
Who cares how much they cost to make bif 13 hrs ago #6

Jilly_in_VA

(13,485 posts)
4. This is going to be very interesting for sales tax
Wed Nov 12, 2025, 01:07 PM
14 hrs ago

and hard on us small business people. My husband and I run a small (very) gem, mineral, and jewelry business. In Virginia we are required to collect and pay sales tax (we don't at shows we go to out of state because we don't do more than one in each state). VA sales tax is generally 6.5% although I think it's higher in beltway counties. It generally comes out to odd amounts. I don't really want to round up, but rounding down hurts our profit, which is small enough as it is.
(As we said at the show in TN last weekend, "We don't charge sales tax bere because we don't have to pay your governor." )

MineralMan

(150,208 posts)
7. When I was selling mineral specimens to collectors,
Wed Nov 12, 2025, 03:22 PM
12 hrs ago

90% of my sales were on the internet and to customers out of my state or out of the USA. I only had to pay sales tax on sales made in California. My answer was not to charge anyone sales tax. At the end of the year, I calculated how much sales tax I owed to the State of California and sent it in. It didn't amount to a hill of beans to my profits, really, and it was easier than dealing with charging my customers. I just took the total California sales and multiplied it by the current sales tax rate. So, I overpaid some. I got audited one year. The nice man showed up at my place of business, and I showed him how it calculated the tax I owed and that was how much I paid. He said, "You overpaid. I can issue you a refund." I said not to bother. It wasn't enough money to worry about. I never heard from the sales tax people again.

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